The Biggest ICOs in History: How EOS Managed to Raise over $1,7 Billion on ICO?
What is EOS: a platform for scalable decentralized applications.
Project: EOS is an open source platform for deployment of scalable decentralized applications. The key feature of EOS is its scalability with transactions speed declared at the rate of up to several million transactions per second. EOS, thus, offers the fastest blockchain decision for today. For comparison, Bitcoin transaction speed is just 3/sec, Ethereum — 30/sec, Google — 40000/sec. There is no transaction fee on EOS. To use the platform, you only need to have tokens on your balance. The goal of the project is mass adoption of EOS technology by large companies. The team is going to create the market for DAPP hosting platforms, and, therefore, compete with Ethereum and other platforms.
Website: eos.io
ICO details: EOS has a unique model of an ICO which lasts for about a year. During the whole period of sale the token price is not pre-determined and is calculated by the market demand — the higher the demand, the higher the price in the current block. There are two stages of the ICO. The first phase started on June 26 and lasted for five days. During the first stage, the project raised $172 million. The second stage stretches from July 1 to June 1, 2018. This step consists of 350 consecutive 23 hours periods with 2 million EOS tokens for sale in each period. Current price can be tracked on eosscan.io.
Token trading: July 1, 2017.
Where to buy tokens: EOS tokens are listed on dozens of exchanges including Binance, Bitfinex, EtherDelta, gate.io, Huobi, HitBTC, Kraken, OKEX, and others.
Token price: +747%. (1.03–8.73).
How much they planned to make/made: no hard cap / over $1,7 billion.
What their token gives you: native cryptocurrency of the EOS platform with limited usage and no privileges to the holders.
What will happen to tokens: the total issue is 1 billion tokens. 90% of the initial issue is distributed to investors (20% during the first stage and 70% during the second stage). There will be up to 5% inflation to reward block producers and DAPPs. Currently, EOS is the ERC-20 token on Ethereum blockchain, but the plan is to create EOS blockchain soon.
What they promised/made:
• summer 2017 — minimal viable testing environment — ✔
• fall 2017 — minimal viable test network — ✔
• winter 2017 — spring 2018 — testing and security audits — ✔ (on-going)
Crew: consists of professional blockchain and software developers with significant experience in blockchain industry and entrepreneurship.
Brendan Blumer, CEO: a serial entrepreneur who has built different businesses such as trading of virtual currencies in MMORPGs, okay.com, and 1 Group. He became involved in Blockchain industry in 2014.
Daniel Larimer, CTO: an inventor of “Proof-of-Stake” and “Decentralized Autonomous Corporation” concept.
Brock Pierce, partner: the Chairman of the Bitcoin Foundation and a Co-Founder of Blockchain Capital.
Ian Grigg, partner: has more than 20 years of experience in building cryptographic ledger platforms.
Review after the beginning of ICO:
• technical development of the project is conducted precisely according to the roadmap.
• EOS Testnet is live. Applications can be built and tested in a public environment.
• EOS has already set a record on a sum raised during an ICO. This amount is likely to become higher within the following four months of token distribution.
Why they succeeded:
• Product: growing market demand for scalable blockchains.
• Team: strong team with relevant experience.
• Support: from big cryptocurrency exchanges and blockchain investment funds.
• ICO model: unique token sale model makes EOS token an attractive speculative asset.
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